Life insurance company services and their evolution in Lithuania

Abstract

Life insurance companies’ services are becoming more and more popular in Lithuania, and life insurance companies’ activities are penetrating the Lithuanian financial market more and more actively, which is why this topic is topical. The aim of the article is to analyse life insurance companies, their development and services provided in Lithuania. The research was carried out using the methods of scientific literature, statistical analysis and synthesis. The analysis of the development of life insurance companies and their services in Lithuania shows that the number of life insurance companies in Lithuania is increasing, but when comparing the number of life insurance companies operating on the Lithuanian market with other European countries, it is noticeable that this is one of the lowest number of companies participating in the life insurance market in relation to the number of population, with the exception of Latvia. An analysis of the range of services provided by life insurance companies shows that over the last 20 years the products offered by life insurance companies have changed only slightly, and currently the life insurance market in Lithuania accounts for 30.1% of the total insurance market.